The Chief Executives of the International Oil Companies (IOC) operating in Nigeria have urged the National Assembly to ensure its resolution to pass the Petroleum Industry Bill (PIB) before the end of June 2021 is realized.
The Managing Directors of ExxonMobil, Total, Shell and other IOCs made the joint appeal, while speaking at the CEO Roundtable Session at the on-going 2021 Nigerian International Petroleum Summit in Abuja, noting that passage of the bill would create the biggest enabling environment needed by operators in the country’s oil and gas sector.
The IOC Chiefs were unanimous in their position that moves by the federal government to grow oil production to four million barrels per day and increase reserves to 40 billion barrels may be difficult to achieve without the infrastructure that would come through the passage of the Petroleum Industry Bill
Mr Osagie Okunbor, Chairman, Shell Companies in Nigeria/Managing Director, Shell Petroleum Development Company, also canvassed for provision of enabling environment, sanctity of contracts, stable policies and collaboration.
In the same vein, Michael Sangster, Managing Director/CEO of Total Nigeria Exploration and Production said the Petroleum Industry Bill will encourage new investments, develop local content and bring it up to a higher level.
Richard Laing, Managing Director of ExxonMobil Nigeria applauded the progress made on the Petroleum Industry Bill, noting that there was a need for competitiveness in the oil sector and that the Bill would make Nigeria attractive to investments, but issues around insecurity and sanctity of contracts should be fixed.
Michael Osatuyi, National Operations Coordinator of the Independent Marketers Association of Nigeria urged the National Assembly to first expose the contents of the Petroleum Industry Bill (PIB), so that stakeholders could ascertain the benefits.
However, Bala Zakka, Port Harcourt based Oil and Gas Analyst, regretted that the delay in passing the Petroleum Industry Bill had made some investors to leave the country for better investment destinations.